Filing by deadline will help you save

dropus an e-mail.

SAN FRANCISCO (CBS.MW) -- If you're a working American, odds are you fall into one of these categories: A) You filed your tax forms correctly, and on time. B) You filed your tax forms on time, but made a mistake. C) You blew it, big time.

Let's take a closer look at each of those.

You filed correctly

Congratulations! You've done a good thing, and you'll have extra money in your pocket because of it.

By filing on time, you avoided the penalties that others may face, including 8 percent a month on the unpaid taxes and 5 percent a month as a late filing penalty. If the CBS.MarketWatch.com helped in any way, or if you have suggestions for improvements, we'd like to hear it. So, please drop us an e-mail.

You made a mistake

Hey, we're all human and those forms are a tad confusing. It's OK. But you should consider yourself on deadline until you set things right. Why? Because you'll be liable for a interest of 8 percent a month on the unpaid balance along with a penalty of 0.5 percent a month.

We can help. Just fill out Form 1040X and file an file the correction. If you owe more tax, pay it and you'll keep the penalties to a minimum.

Whatever your excuse, we
still love ya, baby.
Now here's some advice.
You didn't file on time

OK, so you really meant to finish the forms Thursday night but Friends was new to you, and the dog munched on your W2 form, and you never quite got over the shift to daylight savings time this year.

Whatever your excuse, we still love ya, baby, but here's some free advice: turn off the TV, put the dog in the yard and get the job finished. The worst thing you can do is wait longer. That's not a value judgment; it's a fact.

You are now subject to a 5 percent penalty a month for filing your return late plus interest of 8 percent a month on the unpaid balance. That's 13 percent a month, compounded, until you pay. After 60 days, it's a minimum of $100.

Even so, the kindler, gentler IRS is willing to at least listen to your excuses. Here's a direct quote from the IRS' Web site:

"The penalties for filing late and paying late may be waived if you have reasonable cause for being late. If you're billed for either penalty and feel you have reasonable cause, send your explanation along with the bill to your service center, or call the IRS at 1-800-829-1040 for assistance."

The IRS is quick to add that "generally" the interest charges will continue to accrue "until all assessed tax, penalties, and interest are paid in full." So you'll probably want to come up with better excuses before you make that call.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.